1. Evolution of management accounting practices using IFAC model.

As per IFAC (1998), there are four stages of evolution of management accounting. Prakash (2013) stated that the framework is provided to explain the developement of management accounting as to promote better understanding in changes in management accounting.
Four stages of evolution of the focus of management accounting are shown in the figure 1 and describes as below.

Stage 1 occurs prior to 1950 where most of the companies were focusing on cost determination related to stock valuation and the allocation of overheads. Among the accounting techniques that were developed for the cost estimation were Last In First Out (LIFO) and First In First Out (FIFO). Prakash (2013) stated that cost estimation was emphasized because by estimating the cost, managers were able to control their financial position.
From 1965 to 1985, companies had moved into generating information for management planning and control. This is because only valuable information can be used to make correct decisions. This stage is using such technologies as decision analysis and responsibility accounting, to help managers choose the right decision oriented towards manufacturing and internal administration rather than strategic and environmental concerns. Management accounting, as part of the management control system tended to be reactive, identifying problems and actions only when deviations from the business plan took place [ (Abdel-Kader & Luther, 2006) ].
After the world recession take place due to the oil price shock and increase global competition which was accompanied by rapid technological development had changes many aspect of the industrial sector. The usage of robotic and computer controlled machine improved the product quality and also reduce costs in many cases [ (Abdel-Kader & Luther, 2006) ]. The aim was to